Opening The Book Limited Filleted accounts for Companies House (small and micro)

OPENING THE BOOK LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 03925152

Opening The Book Limited

Filleted Unaudited Financial Statements

31 March 2018

Opening The Book Limited

Statement of Financial Position

31 March 2018

	2018		2017
Note	£	£	£	£

Fixed assets

Tangible assets	6	773,681	792,386
Investments	7	1	1
		---------	---------
		773,682	792,387

Current assets

Stocks		18,281	41,310
Debtors	8	80,218	440,043
Cash at bank and in hand		886,884	717,542
		---------	------------
		985,383	1,198,895

Creditors: amounts falling due within one year	9	73,059		345,942
		---------		------------
Net current assets			912,324		852,953
			------------		------------
Total assets less current liabilities			1,686,006		1,645,340

Provisions

Taxation including deferred tax	6,910	8,839
	------------	------------
Net assets	1,679,096	1,636,501
	------------	------------

Capital and reserves

Called up share capital	100	100
Profit and loss account	1,678,996	1,636,401
	------------	------------
Shareholders funds	1,679,096	1,636,501
	------------	------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31st March 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Opening The Book Limited

Statement of Financial Position (continued)

31 March 2018

These financial statements were approved by the board of directors and authorised for issue on 12 December 2018 , and are signed on behalf of the board by:

Rachel Van Riel
Director

Company registration number: 03925152

Opening The Book Limited

Notes to the Financial Statements

Year Ended 31st March 2018

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 80 Carlton Road, Pontefract, West Yorkshire, WF8 3NQ.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

The turnover shown in the profit and loss account represents the invoice value of work done during the year, exclusive of Value Added Tax.

Income tax

Deferred tax is provided on the liability method to take account of material timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes. The company has not adopted a policy of discounting deferred tax assets and liabilities.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset or a period of 10 years if the useful economic life cannot be reliably estimated.

	Algorythm & trade mark	-	10% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Freehold property	-	1% straight line
Fixtures, fittings and equipment	-	25% reducing balance

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Investments in associates

Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses.

Investments in joint ventures

Investments in joint ventures accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 10 (2017: 10 ).

5. Intangible assets

	Development costs
	£
Cost
At 1st April 2017 and 31st March 2018	6,000
	--------
Amortisation
At 1st April 2017 and 31st March 2018	6,000
	--------
Carrying amount
At 31st March 2018	–
	--------
At 31st March 2017	–
	--------

6. Tangible assets

	Land and buildings	Fixtures and fittings	Total
	£	£	£
Cost
At 1st April 2017	768,021	150,211	918,232
Additions	–	1,099	1,099
	---------	---------	---------
At 31st March 2018	768,021	151,310	919,331
	---------	---------	---------
Depreciation
At 1st April 2017	23,030	102,816	125,846
Charge for the year	7,680	12,124	19,804
	---------	---------	---------
At 31st March 2018	30,710	114,940	145,650
	---------	---------	---------
Carrying amount
At 31st March 2018	737,311	36,370	773,681
	---------	---------	---------
At 31st March 2017	744,991	47,395	792,386
	---------	---------	---------

Freehold Property represents the office building with a self contained apartment above. The apartment is rented and its cost is estimated to be around £265,000.

7. Investments

	Shares in group undertakings
	£
Cost
At 1st April 2017 and 31st March 2018	1
	--------
Impairment
At 1st April 2017 and 31st March 2018	–
	--------

Carrying amount
At 31st March 2018	1
	--------
At 31st March 2017	1
	--------

This represents 100% of the issued share capital of Openlibraries Limited, a company registered in England.

The share capital and reserves of Openlibraries Limited at 31st March 2018 totalled £1(2017 £1). The company was originally set up to develop a website with funding from the New Opportunities Fund and has not traded commercially.Having discharged its contractual obligations, responsibility for the maintenance, development and commercial exploitation of the website has been taken over by Opening the Book Ltd and the company is now dormant and steps are being taken to have the company removed from the register of companies.

The company also has a 50% interest in Opening the Book North America LLC. No direct investment has been made into the venture and no income has been received from the venture in the year. Opening the Book North America LLC's accounts for the year ended 31st December 2017 show retained profits of $22,640/£16,170 (2016 retained losses of $10,245/£7,585) attributable to Opening the Book Ltd.

8. Debtors

	2018	2017
	£	£
Trade debtors	75,552	426,609
Other debtors	4,666	13,434
	--------	---------
	80,218	440,043
	--------	---------

9. Creditors: amounts falling due within one year

	2018	2017
	£	£
Bank loans and overdrafts	–	1,169
Trade creditors	10,695	216,756
Corporation tax	13,870	23,349
Social security and other taxes	15,425	73,484
Other creditors	33,069	31,184
	--------	---------
	73,059	345,942
	--------	---------

10. Related party transactions

The director operates a loan account with the company which had a nil balance at the balance sheet date (2017 £nil). The company was under the control of Rachel Van Riel throughout the present and previous year by virtue of her majority shareholding.

11. Group accounts

GROUP ACCOUNTS

Advantage has been taken of the exemption contained in section 248 of the Companies Act 1985 from the requirement to prepare group accounts.